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(1) A physical good typically produced in agriculture or mining, usually standardized or subject to grading or other classification, that can be the object of commercial transactions. The expansion of the legal definition of commodity in recent years leads many managers, analysts and traders to refer to these as physical commodities. (2) Any economic good. (3) Any index, rate, security or physical commodity that is or could be the underlying instrument or price determinant of a futures contract or other instrument regulated by the Commodity Futures Trading Commission (CFTC).
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